Conditions that create first-mover advantages include all of the following EXCEPT

a) pioneering helps build a firm's reputation and creates strong brand loyalty.

b) a first-mover's customers face significant switching costs.

c) property rights protections thwart rapid imitation of the initial move.

d) an early lead enables the first mover to move down the learning curve ahead of rivals.

e) the costs of pioneering are high relative to the benefits accrued.